TABLE OF CONTENTS
- Read on to find out how you can pay for an attorney with these funding methods
- Creative Ways to Pay for Legal Fees
Do you have a pending lawsuit or need legal help? The attorney costs can be overwhelming. An attorney can cost anywhere from $250 – $500 an hour or more. At the very high end, a senior partner can charge $1800 per hour.
There may be cases where you need to hire an attorney but you don’t have the means to pay for one. That means that you could lose in court or have your rights infringed by another party.
You may have a real claim to recover lost wages or damages. You can’t let the high cost of legal fees prevent you from getting what you deserve.
Read on to find out how you can pay for an attorney with these funding methods
1. Personal Loan
A personal loan can be the first step in getting your legal fees handled. A personal loan is a loan that you can take out for any purpose, including paying for legal fees.
You want to get an idea from your attorney what the total legal fees will be. You can go to a bank or an online lender for the amount that you need. You’ll pay the loan back with interest in monthly installment payments for a period of time.
You do want to have a good credit score to get the best interest rate. You also have to be sure that you pay your monthly payments on time. Not doing so can drag down your credit score.
It’s never easy to ask others for help. However, your friends and family might be there when you need them the most. You won’t know unless you ask.
You can start a crowdfunding campaign that allows you to tell your side of the story. You may be able to present your case in a way that gets people on your side and get them to donate to your cause.
3. Make a Payment Plan
Law firms know that they can be out of reach for some clients because of high legal fees. They want to be able to serve as many people as possible.
They may be willing to work with your situation and create a payment plan to cover the legal fees. You and your law firm agree to the terms of the payment plan.
You agree to pay a certain amount on time every month for however many months. You have to make sure that you keep your end of the bargain. You could lose your attorney and have your unpaid bill go to a collections agency.
4. Lawsuit Settlement Funding
If you need help with legal fees for a personal injury or civil case where you expect to receive damages, lawsuit settlement funding can be a great option for you.
Lawsuit funding is like an advance on the settlement funding that you expect to receive. This is a good way to get cash to pay for attorney fees and provide financial relief while you wait for your settlement funds to arrive.
With this form of funding, a lawsuit settlement company usually works with your attorney to make sure your case is likely to win. If you do lose your case, and you obtain a loan, most funding companies don’t require that you pay the funds back.
5. Win In Court
If you do have outstanding legal fees, the best thing you can do is win in court. This is especially true with personal injury cases.
The reason why is that these types of attorneys usually charge a fee based on contingency. In other words, you don’t pay unless the attorney wins your case.
If you do win, then the attorney will get a percentage of the settlement. If you lose, you don’t pay anything to the attorney.
6. Negotiate with Your Attorney
You can also negotiate with your attorney to make sure that you have some financial footing. You can negotiate their hourly rate or ask them to take your case on a contingency basis.
You want to be honest with the attorney about your financial situation. The more transparent you are, the more they will be willing to work with you.
7. Find a Pro Bono Attorney
There are attorneys that will work on a pro bono basis, meaning they’ll work at no charge to you. Most law firms will handle a small percentage of pro bono cases per year.
However, if your case has other benefits to the attorney, then they may consider taking your case on a pro bono basis.
What type of case would benefit an attorney? One that’s high profile and would get them a lot of press coverage. They may not make money on the case, but you’re giving them millions in free publicity.
8. Use Credit Cards
Credit cards should be considered as a last resort because you’re going to pay a lot in interest. If this is your only option, make a budget and a plan to pay off your credit cards as soon as possible.
9. Sell Your Belongings
You may have to sell things to pay your legal fees. You don’t need to sell everything, but you should consider selling your car. You’ll get a lot of cash for the car and you’ll cut down on your monthly expenses.
10. Pick Up Side Jobs
You may not want to go deep into debt to pay for your legal fees. It is possible to pick up a side job to make extra cash.
You can do things like drive a delivery truck or work as a driver. You can also pick up freelance gigs to get cash in the door.
Creative Ways to Pay for Legal Fees
How can you pay for an attorney when you’re already strapped for cash? Hiring an attorney isn’t cheap. At the same time, it’s a necessary expense to protect yourself and your rights.
There are plenty of ways to pay for legal fees. You’ll want to make sure that you understand the pros and cons of each option before making a decision that can impact your long-term financial health.
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